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|  The Honourable Ken KrawetzDeputy PremierMinister of Finance       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |
|  SASKATCHEWAN BUDGET UPDATE14-15                                                                 |

|   | STEADY GROWTH |   |
|--------|---------------|--------|

|  MID-YEAR REPORT |
|-----------------------|

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|   | 2014-15 Mid-Year ReportGovernment of SaskatchewanNovember 27, 2014 |   |
|--------|--------------------------------------------------------------------|--------|

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| TABLE OF CONTENTS |
|-------------------|

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| MID-YEAR REPORT           |                   |
|---------------------------|------------------------|
|                      |                   |  1 |
|                      | Introduction           |  3 |
|                      | Economic Update        |  12 |
|                      | Budget Update          |   |
|                      |                   |   |
|                      |                   |   |
| SUPPLEMENTARY INFORMATION |                   |
|                      |                   |   |
|                      | Budget by Organization |  19 |
|                      | Debt by Organization   |  20 |

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| INTRODUCTION2014-15 Mid-Year Report |
|-------------------------------------|

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|                                       |   |   |   |
|--------------------------------------------|--------|--------|--------|
| 2014-15 WTI OIL PRICE PERFORMANCE          |   |
|                                       |   |   |   |
| (US$ per barrel)                           |   |   |   |
| 2014-15 Budget                             |   |   | 94.25  |   |
| Actual Averages:                           |   |   |   |   |
|     April through September |   |   | 100.10 |   |
| Assumption:                                |   |   |   |   |
|     October through March   |   |   | 82.06  |   |
| 2014-15 Mid-Year Forecast                  |   |   | 91.08  |   |
|                                       |   |   |   |   |

| 2014-15 DEBT UPDATE   |   |   |     |   |       |   |     |
|-----------------------|--------|--------|----------|--------|------------|--------|----------|
| As at March 31        |   |   |     |   |       |   |     |   |   |
| (Millions of Dollars) |   |   |     |   |       |   |     |
|                  |   |   |     |   | Mid-Year   |   |     |   |   |
|                  |   | Budget |     |   | Projection |   |     | Change |   |
| Government Debt       |   |   | 3,804.8  |   |       |   | 3,803.0  |   |   |   | (1.8 | ) |
| Other General Debt    |   |   | 1,054.8  |   |       |   | 978.8    |   |   |   | (76.0 | ) |
| General Debt          |   |   | 4,859.6  |   |       |   | 4,781.8  |   |   |   | (77.8 | ) |
| GBE Specific Debt     |   |   | 6,955.6  |   |       |   | 7,078.1  |   |   |   | 122.5 |   |
| Public Debt           |   |   | 11,815.2 |   |       |   | 11,859.9 |   |   |   | 44.7 |   |
| Guaranteed Debt       |   |   | 25.8     |   |       |   | 21.3     |   |   |   | (4.5 | ) |

| 2014-15 BUDGET UPDATE |   |   |     |   |
|-----------------------|--------|--------|----------|--------|
| (Millions of Dollars) |   |   |     |   |   |   |   |
|                  |   |   |     |   | Mid-Year |   |   |   |   |
|                  |   | Budget |     |   | Projection |   |   | Change |   |
| Total Revenue         |   |   | 14,073.1 |   |   |   | 14,199.5 |   |   |   | 126.4 |   |
| Total Expense         |   |   | 14,001.7 |   |   |   | 14,128.6 |   |   |   | 126.9 |   |
| Surplus               |   |   | 71.4     |   |   |   | 70.9 |   |   |   | (0.5 | ) |
|                  |   |   |     |   |   |   |   |   |   |   |   |   |

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| ECONOMIC UPDATE |
|-----------------|

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| SASKATCHEWAN ECONOMIC INDICATORS                    |    |    |    |   |           |    |    |        |
|-----------------------------------------------------|---------|---------|---------|--------|----------------|---------|---------|-------------|
|                                                |    |    |    |   |           |    |    | Change from |
|                                                | 2012    | 2013    | 2014    | 2013   |
| Population at July 1 (000s)                         | 1,087.3 | 1,106.2 | 1,125.4 | 19.2   |
|                                                |    |    |    |   |           |    |    |        |
|                                                |    |    |    |   | 2014           | January |
| Per Cent Change Unless Noted Otherwise              | 2007-13 | Rank    | 2013    | Rank   | (year-to-date) | Rank    | through |
| Employment Growth                                   | 10.1    | 2       | 3.4     | 1      | 1.8            |    | 2       | Oct.        |
| Unemployment Rate (average %)                       | 4.6     | lowest  | 4.0     | lowest | 3.8            |    | lowest  | Oct.        |
| Consumer Price Index                                | 12.1    | 4       | 1.5     | 4      | 2.5            |    | 2       | Oct.        |
| Average Weekly Earnings                             | 26.4    | 3       | 3.1     | 2      | 2.9            |    | 5       | Aug.        |
| Retail Sales                                        | 38.1    | 1       | 5.1     | 2      | 4.9            |    | 3       | Aug.        |
| Wholesale Trade                                     | 61.7    | 1       | 9.2     | 3      | 2.7            |    | 9       | Sept.       |
| Number of New Motor Vehicles Sales                  | 29.8    | 2       | 4.6     | 7      | -0.7           |    | 9       | Sept.       |
| Manufacturing Sales                                 | 50.5    | 1       | 9.7     | 2      | 7.0            |    | 2       | Sept.       |
| International Exports                               | 66.8    | 1       | 2.5     | 8      | 9.7            |    | 7       | Sept.       |
| Building Permits                                    | 92.8    | 1       | 1.9     | 4      | -13.5          |    | 8       | Sept.       |
| Number of Housing Starts                            | 38.0    | 1       | -16.8   | 7      | -0.3           |    | 4       | Sept.       |
| Investment in New Housing Construction              | 133.1   | 1       | 1.4     | 3      | -6.4           |    | 6       | Sept.       |
| Investment in Non-residential Building Construction | 87.7    | 2       | -4.5    | 7      | 4.9            |    | 5       | Sept.       |
| Source: Statistics Canada                           |    |    |    |   |           |    |    |        |

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| CANADIAN AND U.S. GROWTH ASSUMPTIONS |   |           |   |             |   |   |
|--------------------------------------|--------|----------------|--------|------------------|--------|--------|
|                                 |   |           |   |             |   |   |   |   |   |
|                                 | Actual | 2014-15 Budget |   | 2014-15 Mid-Year |   |
|                                 | 2013   | 2014           | 2015   | 2016             |   | 2014   | 2015 | 2016 |   |
| Can. real GDP growth (%)             | 2.0    | 2.4            | 2.7    | 2.7              |   | 2.3    | 2.6 | 2.2 |   |
| U.S. real GDP growth (%)             | 2.2    | 2.5            | 3.1    | 3.3              |   | 2.2    | 3.2 | 3.1 |   |
| Short-term Interest Rate (%)         | 0.97   | 0.90           | 1.12   | 2.84             |   | 0.92   | 1.07 | 1.56 |   |
| Long-term Interest Rate (%)*         | 2.26   | 2.94           | 3.27   | 3.83             |   | 2.19   | 2.81 | 3.45 |   |
| Canadian Dollar (US cents)           | 97.10  | 92.00          | 90.00  | 90.00            |   | 90.60  | 87.00 | 88.00 |   |
| * 10-year Government of Canada Bond  |   |           |   |             |   |   |   |   |
|                                 |   |           |   |             |   |   |   |   |   |

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| FORECAST AT A GLANCE                     |   |           |             |   |   |   |   |   |
|------------------------------------------|--------|----------------|------------------|--------|--------|--------|--------|--------|
| (Per cent Change Unless Otherwise Noted) |   |           |             |   |   |   |
|                                     |   |           |             |   |   |   |   |   |
|                                     | Actual | 2014-15 Budget | 2014-15 Mid-Year |   |
|                                     | 2013   | 2014           | 2015             | 2016   | 2014   | 2015   | 2016   |   |
| Real GDP                                 | 5.0    | 2.2            | 2.3              | 2.1    | 0.9    | 2.3    | 2.1    |   |
| Nominal GDP                              | 5.5    | 1.2            | 3.5              | 3.5    | -0.5   | 3.0    | 4.2    |   |
| CPI                                      | 1.5    | 1.9            | 2.0              | 1.7    | 2.6    | 2.1    | 2.3    |   |
| Employment growth (000s)                 | 18.2   | 6.9            | 7.2              | 6.6    | 10.5   | 6.0    | 6.1    |   |
| Unemployment rate (%)                    | 4.0    | 4.4            | 4.6              | 4.8    | 3.8    | 4.2    | 4.3    |   |
| Retail sales                             | 5.1    | 3.9            | 5.1              | 4.5    | 5.0    | 4.4    | 5.0    |   |
|                                     |   |           |             |   |   |   |   |   |

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| COMMODITY PRICE ASSUMPTIONS - CALENDAR YEAR                                                                                                                      |   |           |             |   |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------|--------|--------|--------|--------|--------|
|                                                                                                                                                             |   |           |             |   |   |   |   |   |
|                                                                                                                                                             | Actual | 2014-15 Budget | 2014-15 Mid-Year |   |
|                                                                                                                                                             | 2013   | 2014           | 2015             | 2016   | 2014   | 2015   | 2016   |   |
| WTI Oil (US$ per barrel)                                                                                                                                         | 98.05  | 95.00          | 92.00            | 92.00  | 95.00  | 83.00  | 85.00  |   |
| Natural Gas (C$ per GJ)                                                                                                                                          | 2.91   | 3.50           | 3.70             | 4.00   | 4.15   | 3.95   | 4.10   |   |
| Potash (C$ per K2O tonne)1                                                                                                                                       | 581.94 | 488.12         | 502.21           | 509.18 | 501.39 | 545.32 | 546.29 |   |
| Potash (US$ per KCl tonne)1                                                                                                                                      | 344.69 | 273.93         | 275.72           | 279.54 | 277.10 | 289.40 | 293.25 |   |
| Wheat (C$ per tonne)                                                                                                                                             | 279.00 | 235.00         | 225.88           | 233.08 | 207.62 | 217.00 | 222.71 |   |
| Canola (C$ per tonne)                                                                                                                                            | 603.00 | 469.47         | 509.48           | 528.87 | 430.84 | 420.83 | 515.73 |   |
| 1 The potash industry quotes prices in US dollars per KCl tonne. Provincial royalty calculations, however, are based on the Canadian dollar price per K2O tonne. |   |
| Sources: Ministry of the Economy, Ministry of Agriculture                                                                                                        |   |           |             |   |   |   |   |   |

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| PRIVATE SECTOR REAL GDP GROWTH FORECASTS FOR SASKATCHEWAN                  |   |   |
|----------------------------------------------------------------------------|--------|--------|
| (Per Cent Change)                                                          |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   | Cumulative |   |   |
|                                                                       | 2013*  |   | 2014 |   | 2015 |   | Growth | Release Date |   |
| IHS Global Insight                                                         | 5.0    |   | 1.7 |   | 2.6 |   | 9.6 | Nov-14 |   |
| Conference Board of Canada                                                 | 5.0    |   | 0.8 |   | 2.3 |   | 8.3 | Sep-14 |   |
| The Centre for Spatial Economics                                           | 5.0    |   | 2.0 |   | 3.4 |   | 10.7 | Jul-14 |   |
| TD Bank                                                                    | 5.0    |   | 1.3 |   | 2.5 |   | 9.0 | Oct-14 |   |
| RBC                                                                        | 5.0    |   | 1.3 |   | 3.0 |   | 9.6 | Sep-14 |   |
| BMO                                                                        | 5.0    |   | 1.0 |   | 2.7 |   | 8.9 | Nov-14 |   |
| CIBC                                                                       | 5.0    |   | 2.0 |   | 2.8 |   | 10.1 | Sep-14 |   |
| Scotiabank                                                                 | 5.0    |   | 2.2 |   | 2.6 |   | 10.1 | Oct-14 |   |
| Laurentian Bank                                                            | 5.0    |   | 2.5 |   | 2.9 |   | 10.7 | Aug-14 |   |
| Average of Private Sector Forecasts                                        | 5.0    |   | 1.6 |   | 2.8 |   | 9.7 |   |   |
| 2014-15 Budget                                                             | 4.1    |   | 2.2 |   | 2.3 |   | 8.8 |   |   |
| 2014-15 Mid-year                                                           | 5.0    |   | 0.9 |   | 2.3 |   | 8.4 |   |   |
| * Based on Statistics Canada's Provincial Economic Accounts, November 2014 |   |   |

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| PRIVATE SECTOR FORECASTS OF REAL GDP GROWTH BY PROVINCE              |    |   |   |
|----------------------------------------------------------------------|---------|--------|--------|
| (Per Cent Change)                                                    |    |   |   |   |   |   |   |   |   |
|                                                                 | 2013    |   |   |   |   |   | Cumulative |   |   |
|                                                                 | Actual* | Rank   | 2014   | Rank | 2015 | Rank | Growth | Rank |   |
| British Columbia                                                     | 1.9     | 6      | 2.3    | 2 | 2.8 | 2 | 7.1 | 4 |   |
| Alberta                                                              | 3.8     | 3      | 3.6    | 1 | 3.2 | 1 | 11.0 | 1 |   |
| Saskatchewan                                                         | 5.0     | 2      | 1.6    | 6 | 2.8 | 2 | 9.7 | 2 |   |
| Manitoba                                                             | 2.2     | 4      | 1.8    | 4 | 2.5 | 4 | 6.6 | 5 |   |
| Ontario                                                              | 1.3     | 7      | 2.1    | 3 | 2.6 | 3 | 6.1 | 6 |   |
| Quebec                                                               | 1.0     | 8      | 1.7    | 5 | 2.0 | 6 | 4.8 | 8 |   |
| New Brunswick                                                        | -0.5    | 10     | 1.1    | 8 | 1.8 | 7 | 2.4 | 10 |   |
| Nova Scotia                                                          | 0.3     | 9      | 1.8    | 4 | 2.2 | 5 | 4.4 | 9 |   |
| Prince Edward Island                                                 | 2.0     | 5      | 1.3    | 7 | 1.7 | 8 | 5.1 | 7 |   |
| Newfoundland and Labrador                                            | 7.2     | 1      | 0.8    | 9 | 1.0 | 9 | 9.2 | 3 |   |
| Canada                                                               | 2.0     |   | 2.3    |   | 2.6 |   | 7.1 |   |   |
| 2014-15 Mid-year                                                     | 5.0     |   | 0.9    |   | 2.3 |   | 8.4 |   |   |
| * Statistics Canada's Provincial Economic Accounts, November 5, 2014 |    |   |   |   |

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| 2014-15 BUDGET UPDATEMid-Year |
|-------------------------------|

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| 2014-15 BUDGET UPDATE - MID-YEAR            |   |   |     |   |          |   |     |       |   |   |                 |   |   |
|---------------------------------------------|--------|--------|----------|--------|---------------|--------|----------|------------|--------|--------|----------------------|--------|--------|
| (Millions of Dollars)                       |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |
|                                        |   |   |     |   | First Quarter |   |     | Mid-Year   |   |   | Mid-Year Change from |   |
|                                        |   | Budget |     |   | Forecast      |   |     | Projection |   |   | Budget               |   |   | First Quarter |   |
|                                        |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |
| Revenue                                     |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |
|                                        |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |
| Taxation                                    |   |   | 6,820.3  |   |          |   | 6,820.3  |       |   |   | 6,675.0              |   |   |   | (145.3 | ) |   |   | (145.3 | ) |
| Non-Renewable Resources                     |   |   | 2,694.4  |   |          |   | 2,804.5  |       |   |   | 2,753.9              |   |   |   | 59.5 |   |   |   | (50.6 | ) |
| Other Own-Source Revenue                    |   |   | 1,863.8  |   |          |   | 1,841.2  |       |   |   | 1,869.2              |   |   |   | 5.4 |   |   |   | 28.0 |   |
| Transfers from the Federal Government       |   |   | 2,026.4  |   |          |   | 2,026.4  |       |   |   | 2,049.4              |   |   |   | 23.0 |   |   |   | 23.0 |   |
| Net Income from Government                  |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |   |   |   |   |   |
|    Business Enterprises      |   |   | 668.2    |   |          |   | 749.6    |       |   |   | 852.0                |   |   |   | 183.8 |   |   |   | 102.4 |   |
| Total Revenue                               |   |   | 14,073.1 |   |          |   | 14,242.0 |       |   |   | 14,199.5             |   |   |   | 126.4 |   |   |   | (42.5 | ) |
|                                        |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |   |   |   |   |   |
| Expense                                     |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |   |   |   |   |   |
|                                        |   |   |     |   |          |   |     |       |   |   |                 |   |   |   |   |   |   |   |   |   |
| Agriculture                                 |   |   | 681.2    |   |          |   | 681.2    |       |   |   | 680.6                |   |   |   | (0.6 | ) |   |   | (0.6 | ) |
| Community Development                       |   |   | 589.0    |   |          |   | 589.0    |       |   |   | 589.6                |   |   |   | 0.6 |   |   |   | 0.6 |   |
| Debt Charges                                |   |   | 546.3    |   |          |   | 546.3    |       |   |   | 540.2                |   |   |   | (6.1 | ) |   |   | (6.1 | ) |
| Economic Development                        |   |   | 288.6    |   |          |   | 305.9    |       |   |   | 298.5                |   |   |   | 9.9 |   |   |   | (7.4 | ) |
| Education                                   |   |   | 3,675.0  |   |          |   | 3,694.5  |       |   |   | 3,697.9              |   |   |   | 22.9 |   |   |   | 3.4 |   |
| Environment and Natural Resources           |   |   | 232.5    |   |          |   | 232.5    |       |   |   | 247.5                |   |   |   | 15.0 |   |   |   | 15.0 |   |
| Health                                      |   |   | 5,355.9  |   |          |   | 5,355.9  |       |   |   | 5,353.5              |   |   |   | (2.4 | ) |   |   | (2.4 | ) |
| Protection of Persons and Property          |   |   | 593.7    |   |          |   | 593.7    |       |   |   | 687.3                |   |   |   | 93.6 |   |   |   | 93.6 |   |
| Social Services and Assistance              |   |   | 1,172.4  |   |          |   | 1,172.4  |       |   |   | 1,190.7              |   |   |   | 18.3 |   |   |   | 18.3 |   |
| Transportation                              |   |   | 539.3    |   |          |   | 539.3    |       |   |   | 539.2                |   |   |   | (0.1 | ) |   |   | (0.1 | ) |
| Other                                       |   |   | 327.8    |   |          |   | 306.4    |       |   |   | 303.6                |   |   |   | (24.2 | ) |   |   | (2.8 | ) |
| Total Expense(prior to flood-related costs) |   |   | 14,001.7 |   |          |   | 14,017.1 |       |   |   | 14,128.6             |   |   |   | 126.9 |   |   |   | 111.5 |   |
| Allowance for flood-related costs           |   |   | -        |   |          |   | 150.0    |       |   |   | -                    |   |   |   | - |   |   |   | (150.0 | ) |
| Total Expense                               |   |   | 14,001.7 |   |          |   | 14,167.1 |       |   |   | 14,128.6             |   |   |   | 126.9 |   |   |   | (38.5 | ) |
| Surplus                                     |   |   | 71.4     |   |          |   | 74.9     |       |   |   | 70.9                 |   |   |   | (0.5 | ) |   |   | (4.0 | ) |

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|                                 |   |   |     |
|--------------------------------------|--------|--------|----------|
| 2014-15 REVENUE RECONCILIATION       |   |
|                                 |   |   |     |
| (Millions of Dollars)                |   |   |     |
| 2014-15 Budget                       |   |   | 14,073.1 |   |
| Forecast Changes:                    |   |   |     |   |
|    GBE Net Income          |   |   | 183.8    |   |
|    Non-Renewable Resources |   |   | 59.5     |   |
|    Federal Transfers       |   |   | 23.0     |   |
|    Other Own-Source        |   |   | 5.4      |   |
|    Taxation                |   |   | (145.3   | ) |
| Total Change from Budget             |   |   | 126.4    |   |
| 2014-15 Mid-Year Forecast            |   |   | 14,199.5 |   |

| 2014-15 NON-RENEWABLE RESOURCES FORECAST ASSUMPTIONS                     |   |   |   |   |          |   |   |
|--------------------------------------------------------------------------|--------|--------|--------|--------|---------------|--------|--------|
|                                                                     |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
|                                                                     |   | Budget |   |   | First Quarter |   |   | Mid-Year |   |   | Mid-Year Change from |   |
|                                                 |   | Plan   |   |   | Forecast      |   |   | Projection |   |   | Budget |   |   | First Quarter |   |
| WTI Oil Price (US$/barrel)                                               |   |   | 94.25  |   |          |   | 99.89  |   |   |   | 91.08 |   |   |   | (3.17 | ) |   |   | (8.81 | ) |
| Light-Heavy Differential (% of WTI)                                      |   |   | 19.5   |   |          |   | 16.9   |   |   |   | 16.2 |   |   |   | (3.3 | ) |   |   | (0.7 | ) |
| Oil Production (million barrels)                                         |   |   | 181.8  |   |          |   | 185.6  |   |   |   | 183.3 |   |   |   | 1.5 |   |   |   | (2.3 | ) |
| Potash Price (mine netback, US$/KCl tonne)1                              |   |   | 274    |   |          |   | 271    |   |   |   | 280 |   |   |   | 6 |   |   |   | 9 |   |
| Potash Price (mine netback, C$/K2O tonne)1                               |   |   | 492    |   |          |   | 482    |   |   |   | 512 |   |   |   | 20 |   |   |   | 30 |   |
| Potash Sales (million K2O tonnes)1                                       |   |   | 10.6   |   |          |   | 10.6   |   |   |   | 11.0 |   |   |   | 0.4 |   |   |   | 0.4 |   |
| Canadian Dollar (US cents)                                               |   |   | 91.5   |   |          |   | 92.1   |   |   |   | 89.7 |   |   |   | (1.8 | ) |   |   | (2.4 | ) |
| 1 Ministry of Finance calculations derived from calendar-year forecasts. |   |   |   |   |          |   |   |   |   |   |   |   |   |

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|                                                  |   |
|-------------------------------------------------------|--------|
| 2014-15 EXPENSE RECONCILIATION                        |   |
|                                                  |   |   |   |
| (Millions of Dollars)                                 |   |   |   |
| 2014-15 Budget                                        |   |   | 14,001.7 |   |
| Forecast Changes:                                     |   |   |   |   |
|     Protection of Persons and Property |   |   | 93.6 |   |
|     Education                          |   |   | 22.9 |   |
|     Social Services and Assistance     |   |   | 18.3 |   |
|     Environment and Natural Resources  |   |   | 15.0 |   |
|     Other                              |   |   | (22.9 | ) |
| Total Change from Budget                              |   |   | 126.9 |   |
| 2014-15 Mid-Year Forecast                             |   |   | 14,128.6 |   |
|                                                  |   |   |   |   |

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| SCHEDULE OF DEBT BY CATEGORY                                                                                                                                                                                                      |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|---------------------|--------|----------|------------|--------|--------|--------|--------|--------|--------|----------|
| As at March 31                                                                                                                                                                                                                    |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
| (Millions of Dollars)                                                                                                                                                                                                             |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   | Change |     |
|                                                                                                                                                                                                                              |   | Budget |     |   | Mid-Year Projection |   |     | from       |   |
|                                                                                                                                                                                                                              |   | Total  |     |   | GRF Debt 1          |   |     | Other Debt |   |   | Total  |   |   | Budget |     |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
| Government Public Debt                                                                                                                                                                                                            |   |   | 3,804.8  |   |                |   | 3,803.0  |       |   |   | -      |   |   |   | 3,803.0  |   |   |   | (1.8 | ) |
| Other General Debt                                                                                                                                                                                                                |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Municipal Financing Corporation of Saskatchewan                                                                                                                                                                                   |   |   | 128.5    |   |                |   | 99.0     |       |   |   | -      |   |   |   | 99.0     |   |   |   | (29.5 | ) |
| Saskatchewan Housing Corporation                                                                                                                                                                                                  |   |   | 25.7     |   |                |   | 22.0     |       |   |   | 3.6    |   |   |   | 25.6     |   |   |   | (0.1 | ) |
| Saskatchewan Opportunities Corporation                                                                                                                                                                                            |   |   | 34.4     |   |                |   | 34.4     |       |   |   | -      |   |   |   | 34.4     |   |   |   | - |   |
| Saskatchewan Power Corporation                                                                                                                                                                                                    |   |   | 92.9     |   |                |   | 92.8     |       |   |   | -      |   |   |   | 92.8     |   |   |   | (0.1 | ) |
| Saskatchewan Water Corporation                                                                                                                                                                                                    |   |   | 18.8     |   |                |   | 25.0     |       |   |   | -      |   |   |   | 25.0     |   |   |   | 6.2 |   |
| SaskEnergy Incorporated                                                                                                                                                                                                           |   |   | 111.5    |   |                |   | 111.4    |       |   |   | -      |   |   |   | 111.4    |   |   |   | (0.1 | ) |
| Boards of Education                                                                                                                                                                                                               |   |   | 216.0    |   |                |   | -        |       |   |   | 244.0  |   |   |   | 244.0    |   |   |   | 28.0 |   |
| Saskatchewan Immigrant Investor Fund Inc.                                                                                                                                                                                         |   |   | 215.7    |   |                |   | -        |       |   |   | 201.3  |   |   |   | 201.3    |   |   |   | (14.4 | ) |
| Global Transportation Hub Authority                                                                                                                                                                                               |   |   | 73.6     |   |                |   | -        |       |   |   | 26.0   |   |   |   | 26.0     |   |   |   | (47.6 | ) |
| Growth and Financial Security Fund                                                                                                                                                                                                |   |   | (6.6     | )      |                |   | -        |       |   |   | (24.9  | )      |   |   | (24.9    | ) |   |   | (18.3 | ) |
| Regional Health Authorities                                                                                                                                                                                                       |   |   | 109.6    |   |                |   | -        |       |   |   | 108.7  |   |   |   | 108.7    |   |   |   | (0.9 | ) |
| Water Security Agency                                                                                                                                                                                                             |   |   | 32.4     |   |                |   | -        |       |   |   | 33.2   |   |   |   | 33.2     |   |   |   | 0.8 |   |
| Other                                                                                                                                                                                                                             |   |   | 2.3      |   |                |   | -        |       |   |   | 2.3    |   |   |   | 2.3      |   |   |   | - |   |
| Other General Debt                                                                                                                                                                                                                |   |   | 1,054.8  |   |                |   | 384.6    |       |   |   | 594.2  |   |   |   | 978.8    |   |   |   | (76.0 | ) |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| General Debt                                                                                                                                                                                                                      |   |   | 4,859.6  |   |                |   | 4,187.6  |       |   |   | 594.2  |   |   |   | 4,781.8  |   |   |   | (77.8 | ) |
| Government Business Enterprise Specific Debt                                                                                                                                                                                      |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |
| Municipal Financing Corporation of Saskatchewan                                                                                                                                                                                   |   |   | 131.8    |   |                |   | 131.8    |       |   |   | -      |   |   |   | 131.8    |   |   |   | - |   |
| Saskatchewan Gaming Corporation                                                                                                                                                                                                   |   |   | 2.9      |   |                |   | -        |       |   |   | 2.9    |   |   |   | 2.9      |   |   |   | - |   |
| Saskatchewan Liquor and Gaming Authority                                                                                                                                                                                          |   |   | 125.0    |   |                |   | 124.6    |       |   |   | -      |   |   |   | 124.6    |   |   |   | (0.4 | ) |
| Saskatchewan Power Corporation                                                                                                                                                                                                    |   |   | 4,722.4  |   |                |   | 4,854.7  |       |   |   | 58.9   |   |   |   | 4,913.6  |   |   |   | 191.2 |   |
| Saskatchewan Telecommunications                                                                                                                                                                                                   |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   | - |   |
|    Holding Corporation                                                                                                                                                                                             |   |   | 880.8    |   |                |   | 857.3    |       |   |   | -      |   |   |   | 857.3    |   |   |   | (23.5 | ) |
| Saskatchewan Water Corporation                                                                                                                                                                                                    |   |   | 33.0     |   |                |   | 22.3     |       |   |   | -      |   |   |   | 22.3     |   |   |   | (10.7 | ) |
| SaskEnergy Incorporated                                                                                                                                                                                                           |   |   | 1,059.7  |   |                |   | 1,020.8  |       |   |   | 4.8    |   |   |   | 1,025.6  |   |   |   | (34.1 | ) |
| Government Business Enterprise Specific Debt                                                                                                                                                                                      |   |   | 6,955.6  |   |                |   | 7,011.5  |       |   |   | 66.6   |   |   |   | 7,078.1  |   |   |   | 122.5 |   |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Public Debt 2                                                                                                                                                                                                                     |   |   | 11,815.2 |   |                |   | 11,199.1 |       |   |   | 660.8  |   |   |   | 11,859.9 |   |   |   | 44.7 |   |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Guaranteed Debt                                                                                                                                                                                                                   |   |   | 25.8     |   |                |   | 235.0    |       |   |   | (213.7 | )      |   |   | 21.3     |   |   |   | (4.5 | ) |
| 1 Debt obtained by the General Revenue Fund (GRF) for its own use or on behalf of Crown corporations. The amount is net of sinking funds. Debt repayable in foreign currency is restated in equivalent Canadian dollars.          |
| 2 The Province's Summary Financial Statements account for government business enterprises (GBEs) such as SaskPower Corporation on an equity basis. Therefore GBE specific debt is netted against other liabilities and assets and |
|  the resultant equity is shown as Investment in GBEs.                                                                                                                                                                        |

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| BUDGET BY ORGANIZATION                                                                                                                                                                                                             |   |   |   |   |       |   |   |   |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|------------|--------|--------|--------|--------|
| For the Year Ended March 31                                                                                                                                                                                                        |   |   |   |   |       |   |   |   |   |
| (Millions of Dollars)                                                                                                                                                                                                              |   |   |   |   |       |   |   |   |   |
|                                                                                                                                                                                                                               |   |   |   |   | Mid-Year   |   |   |   |   |
|                                                                                                                                                                                                                               |   | Budget |   |   | Projection |   |   | Change |   |
| Core Government                                                                                                                                                                                                                    |   |   | 105.4  |   |       |   | (122.2 | )      |   |   | (227.6 | ) |
| Boards of Education                                                                                                                                                                                                                |   |   | 36.1   |   |       |   | 36.1   |   |   |   | - |   |
| Regional Health Authorities                                                                                                                                                                                                        |   |   | (50.0  | )      |       |   | (46.4  | )      |   |   | 3.6 |   |
| Saskatchewan Liquor and Gaming Authority                                                                                                                                                                                           |   |   | 491.8  |   |       |   | 491.8  |   |   |   | - |   |
| Other Agencies                                                                                                                                                                                                                     |   |   | (42.3  | )      |       |   | (42.0  | )      |   |   | 0.3 |   |
| Adjustment to Account for Pension Costs on an Accrual Basis                                                                                                                                                                        |   |   | (38.9  | )      |       |   | (0.6   | )      |   |   | 38.3 |   |
|                                                                                                                                                                                                                               |   |   | 502.1  |   |       |   | 316.7  |   |   |   | (185.4 | ) |
| Dividends included in Core Government 3                                                                                                                                                                                            |   |   | (508.5 | )      |       |   | (508.5 | )      |   |   | - |   |
| Surplus (Deficit) of Treasury Board Organizations                                                                                                                                                                                  |   |   | (6.4   | )      |       |   | (191.8 | )      |   |   | (185.4 | ) |
| Crown Investments Corporation Board Organizations 1                                                                                                                                                                                |   |   |   |   |       |   |   |   |   |   |   |   |
| Crown Investments Corporation of Saskatchewan (Separate) 4                                                                                                                                                                         |   |   | (29.4  | )      |       |   | (26.1  | )      |   |   | 3.3 |   |
| Saskatchewan Gaming Corporation                                                                                                                                                                                                    |   |   | 25.2   |   |       |   | 24.4   |   |   |   | (0.8 | ) |
| Saskatchewan Government Insurance                                                                                                                                                                                                  |   |   | 29.7   |   |       |   | 36.4   |   |   |   | 6.7 |   |
| Saskatchewan Power Corporation                                                                                                                                                                                                     |   |   | 26.9   |   |       |   | 108.1  |   |   |   | 81.2 |   |
| Saskatchewan Telecommunications Holding Corporation                                                                                                                                                                                |   |   | 59.2   |   |       |   | 78.0   |   |   |   | 18.8 |   |
| SaskEnergy Incorporated                                                                                                                                                                                                            |   |   | 62.2   |   |       |   | 49.5   |   |   |   | (12.7 | ) |
| Other Agencies                                                                                                                                                                                                                     |   |   | 4.7    |   |       |   | 2.5    |   |   |   | (2.2 | ) |
| Interagency Accounting Adjustments 2                                                                                                                                                                                               |   |   | (16.5  | )      |       |   | (15.2  | )      |   |   | 1.3 |   |
|                                                                                                                                                                                                                               |   |   | 162.0  |   |       |   | 257.6  |   |   |   | 95.6 |   |
| Dividends included in Core Government 3                                                                                                                                                                                            |   |   | (206.0 | )      |       |   | (206.0 | )      |   |   | - |   |
| Surplus (Deficit) Retained in CIC Board Organizations                                                                                                                                                                              |   |   | (44.0  | )      |       |   | 51.6   |   |   |   | 95.6 |   |
|                                                                                                                                                                                                                               |   |   |   |   |       |   |   |   |   |   |   |   |
| Surplus (Deficit) Prior to Not-for-Profit Insurance Organizations                                                                                                                                                                  |   |   | (50.4  | )      |       |   | (140.2 | )      |   |   | (89.8 | ) |
| Not-for-Profit Insurance Organizations 1,3                                                                                                                                                                                         |   |   |   |   |       |   |   |   |   |   |   |   |
| Crop Reinsurance Fund of Saskatchewan                                                                                                                                                                                              |   |   | -      |   |       |   | 0.1    |   |   |   | 0.1 |   |
| Saskatchewan Auto Fund                                                                                                                                                                                                             |   |   | (12.6  | )      |       |   | 44.6   |   |   |   | 57.2 |   |
| Saskatchewan Crop Insurance Corporation                                                                                                                                                                                            |   |   | 127.9  |   |       |   | 129.3  |   |   |   | 1.4 |   |
| Workers' Compensation Board (Saskatchewan)                                                                                                                                                                                         |   |   | 6.5    |   |       |   | 37.1   |   |   |   | 30.6 |   |
| Surplus (Deficit) of Not-for-Profit Insurance Organizations                                                                                                                                                                        |   |   | 121.8  |   |       |   | 211.1  |   |   |   | 89.3 |   |
|                                                                                                                                                                                                                               |   |   |   |   |       |   |   |   |   |   |   |   |
| Surplus                                                                                                                                                                                                                            |   |   | 71.4   |   |       |   | 70.9   |   |   |   | (0.5 | ) |
| Totals may not add due to rounding.                                                                                                                                                                                                |   |   |   |   |       |   |   |   |   |   |   |   |
| 1 The year-end for some organizations is not March 31. The 2014-15 Budget amounts for those organizations are the Budget amounts for the fiscal year ending before March 31, 2015.                                                 |
| 2 Interagency Accounting Adjustments eliminate the effects of financial transactions between government organizations and adjust for certain accounting standards that differ from those used in the Summary Financial Statements. |
| 3 Dividends paid to the Core Government by Treasury Board organizations and Crown Investments Corporation (CIC) Board organizations. The dividends are eliminated to avoid double counting income. Insurance organizations do      |
| not pay dividends to Core Government.                                                                                                                                                                                              |
| 4 Crown Investments Corporation of Saskatchewan (Separate) is shown before dividend revenue from its subsidiaries to avoid double counting income.                                                                                 |
| 5 At mid-year, Core operational revenue accounts for $11.8 billion of the $14.2 billion total / Core operational expense accounts for more than $11.9 billion of the $14.1 billion total.                                     |

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| SCHEDULE OF DEBT BY ORGANIZATION                                                                                                                                                                                                  |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------|--------|---------------------|--------|----------|------------|--------|--------|--------|--------|--------|--------|----------|
| As at March 31                                                                                                                                                                                                                    |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
| (Millions of Dollars)                                                                                                                                                                                                             |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   | Change |     |
|                                                                                                                                                                                                                              |   | Budget |     |   | Mid-Year Projection |   | from     |       |
|                                                                                                                                                                                                                              |   | Total  |     |   | GRF Debt 1          |   |     | Other Debt |   |   | Total  |   |   | Budget |     |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
| Treasury Board Organizations                                                                                                                                                                                                      |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Government Public Debt                                                                                                                                                                                                            |   |   | 3,804.8  |   |                |   | 3,803.0  |       |   |   | -      |   |   |   | 3,803.0  |   |   |   | (1.8 | ) |
| Boards of Education                                                                                                                                                                                                               |   |   | 216.0    |   |                |   | -        |       |   |   | 244.0  |   |   |   | 244.0    |   |   |   | 28.0 |   |
| Global Transportation Hub Authority                                                                                                                                                                                               |   |   | 73.6     |   |                |   | -        |       |   |   | 26.0   |   |   |   | 26.0     |   |   |   | (47.6 | ) |
| Growth and Financial Security Fund                                                                                                                                                                                                |   |   | (6.6     | )      |                |   | -        |       |   |   | (24.9  | )      |   |   | (24.9    | ) |   |   | (18.3 | ) |
| Municipal Financing Corporation of Saskatchewan                                                                                                                                                                                   |   |   | 260.3    |   |                |   | 230.8    |       |   |   | -      |   |   |   | 230.8    |   |   |   | (29.5 | ) |
| Regional Health Authorities                                                                                                                                                                                                       |   |   | 109.6    |   |                |   | -        |       |   |   | 108.7  |   |   |   | 108.7    |   |   |   | (0.9 | ) |
| Saskatchewan Housing Corporation                                                                                                                                                                                                  |   |   | 25.7     |   |                |   | 22.0     |       |   |   | 3.6    |   |   |   | 25.6     |   |   |   | (0.1 | ) |
| Saskatchewan Liquor and Gaming Authority                                                                                                                                                                                          |   |   | 125.0    |   |                |   | 124.6    |       |   |   | -      |   |   |   | 124.6    |   |   |   | (0.4 | ) |
| Water Security Agency                                                                                                                                                                                                             |   |   | 32.4     |   |                |   | -        |       |   |   | 33.2   |   |   |   | 33.2     |   |   |   | 0.8 |   |
| Other                                                                                                                                                                                                                             |   |   | 2.3      |   |                |   | -        |       |   |   | 2.3    |   |   |   | 2.3      |   |   |   | - |   |
| Other Treasury Board Organizations                                                                                                                                                                                                |   |   | 838.3    |   |                |   | 377.4    |       |   |   | 392.9  |   |   |   | 770.3    |   |   |   | (68.0 | ) |
| Public Debt of Treasury Board Organizations                                                                                                                                                                                       |   |   | 4,643.1  |   |                |   | 4,180.4  |       |   |   | 392.9  |   |   |   | 4,573.3  |   |   |   | (69.8 | ) |
| CIC Board Organizations                                                                                                                                                                                                           |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Saskatchewan Gaming Corporation                                                                                                                                                                                                   |   |   | 2.9      |   |                |   | -        |       |   |   | 2.9    |   |   |   | 2.9      |   |   |   | - |   |
| Saskatchewan Immigrant Investor Fund Inc.                                                                                                                                                                                         |   |   | 215.7    |   |                |   | -        |       |   |   | 201.3  |   |   |   | 201.3    |   |   |   | (14.4 | ) |
| Saskatchewan Opportunities Corporation                                                                                                                                                                                            |   |   | 34.4     |   |                |   | 34.4     |       |   |   | -      |   |   |   | 34.4     |   |   |   | - |   |
| Saskatchewan Power Corporation                                                                                                                                                                                                    |   |   | 4,815.3  |   |                |   | 4,947.5  |       |   |   | 58.9   |   |   |   | 5,006.4  |   |   |   | 191.1 |   |
| Saskatchewan Telecommunications                                                                                                                                                                                                   |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   | - |   |
|    Holding Corporation                                                                                                                                                                                             |   |   | 880.8    |   |                |   | 857.3    |       |   |   | -      |   |   |   | 857.3    |   |   |   | (23.5 | ) |
| Saskatchewan Water Corporation                                                                                                                                                                                                    |   |   | 51.8     |   |                |   | 47.3     |       |   |   | -      |   |   |   | 47.3     |   |   |   | (4.5 | ) |
| SaskEnergy Incorporated                                                                                                                                                                                                           |   |   | 1,171.2  |   |                |   | 1,132.2  |       |   |   | 4.8    |   |   |   | 1,137.0  |   |   |   | (34.2 | ) |
| Public Debt of CIC Board Organizations                                                                                                                                                                                            |   |   | 7,172.1  |   |                |   | 7,018.7  |       |   |   | 267.9  |   |   |   | 7,286.6  |   |   |   | 114.5 |   |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Public Debt 2                                                                                                                                                                                                                     |   |   | 11,815.2 |   |                |   | 11,199.1 |       |   |   | 660.8  |   |   |   | 11,859.9 |   |   |   | 44.7 |   |
|                                                                                                                                                                                                                              |   |   |     |   |                |   |     |       |   |   |   |   |   |   |     |   |   |   |   |   |
| Guaranteed Debt                                                                                                                                                                                                                   |   |   | 25.8     |   |                |   | 235.0    |       |   |   | (213.7 | )      |   |   | 21.3     |   |   |   | (4.5 | ) |
| 1Debt obtained by the General Revenue Fund (GRF) for its own use or on behalf of Crown corporations. The amount is net of sinking funds. Debt repayable in foreign currency is restated in equivalent Canadian dollars.      |
| 2 The Province's Summary Financial Statements account for government business enterprises (GBEs) such as SaskPower Corporation on an equity basis. Therefore GBE specific debt is netted against other liabilities and assets and |
|  the resultant equity is shown as Investment in GBEs.                                                                                                                                                                        |

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| The Honourable Ken KrawetzDeputy PremierMinister of Finance |
|-------------------------------------------------------------|
|                                                             |
|   SASKATCHEWAN BUDGET UPDATE14-15                      |

|   | STEADY GROWTH |   |
|--------|---------------|--------|

|   MID-YEAR REPORT |
|------------------------|

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